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Baltic index hits over three-week high on capesize gains

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The Baltic Exchange’s main sea freight index rose on Monday to a more than three-week high, as the capesize segment strengthened.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 49 points, or 2.12%, at 2,356 points, its highest since April 1.

The capesize index gained 158 points, or 8.56%, to 2,003 points, its highest in more than one month.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,310 at $16,609.

The panamax index was down 37 points, or 1.23%, at 2,967 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $336 to $26,703.

However, China’s Dalian iron ore dropped nearly 11% on Monday to a more than one-month low, as a broad-based decline in global markets and concerns over steel demand in China dragged down prices.

Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 60,000 tonnes of soymeal, European traders said on Monday.

The supramax index rose 21 points to 2,699 points.

Source: Reuters

 

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